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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net income for the year $ 339,287 $ 28,884
Adjustments for:    
Depreciation and depletion 222,616 216,121
Finance expense 95,381 60,201
Share of net (income) loss of associates (702) 17,465
Change in fair value of derivatives 123,289 (31,563)
Settlements of derivatives (13,857) 33,651
Gain on remeasurement of previously held interest in the Greenstone Mine (579,816) 0
Expected credit losses and write-offs (31) 13,802
Unrealized foreign exchange (gain) loss (21,418) 9,439
Gain on sale of partial interest and reclassification of investment in i-80 Gold Corp. (“i-80 Gold”) 0 (34,467)
Income tax expense (recovery) 290,794 (14,116)
Income taxes paid (19,602) (13,567)
Gold sale prepayments 0 225,000
Other (5,743) 16,600
Operating cash flow before changes in non-cash working capital 430,198 527,450
Changes in non-cash working capital (58,014) (168,987)
Cash provided by (used in) operating activities 372,184 358,463
Investing activities    
Expenditures on mineral properties, plant and equipment (412,073) (523,298)
Acquisition of Greenstone Mine (“Greenstone Acquisition”) (744,110) 0
Purchases of marketable securities 0 (8,927)
Proceeds from dispositions of marketable securities 48,191 53,359
Net proceeds from sale of partial interest in i-80 Gold 0 22,846
Other (3,727) (6,654)
Cash provided by (used in) investing activities (1,111,719) (462,674)
Financing activities    
Draw down on credit facility 560,000 253,667
Proceeds from issuance of convertible notes 0 172,500
Repayment of portion of credit facility 0 (293,000)
Proceeds from other financing arrangements 57,346 23,131
Repayments of other financing arrangements (7,296) (1,739)
Interest paid (112,647) (65,857)
Lease payments (29,494) (34,720)
Net proceeds from issuance of shares 335,562 40,769
Proceeds from exercise of warrants and stock options 2,456 3,465
Transaction costs and other (13,452) (5,718)
Cash provided by (used in) financing activities 792,475 92,498
Effect of foreign exchange on cash and cash equivalents (5,606) 2,939
Increase (decrease) in cash and cash equivalents 47,334 (8,774)
Cash and cash equivalents – beginning of year 191,995 200,769
Cash and cash equivalents – end of year $ 239,329 $ 191,995